February 28, 2009
Bangkok (ASTV Manager Online) – Household debts accounted for 28 percent of the GDP growth, the highest in five years. Debt rate was averagely 140,000 baht per household.
University of the Thai Chamber of Commerce surveyed 1,202 respondents during February 18-23.
58.4 percent said they had more debts in the past six months and 66.8 percent had repayment problem.
46.54 percent borrowed loans for their daily life use whereas 21.47 percent for health and 17.57 percent for transportation cost.
25.29 percent said they borrowed money from both legal and illegal sources. Illegal loans tended to increase 59.85 percent.
It is worrying that 59.76 percent thought their debts outnumbered their income.
Even though the debt per GDP ratio has not been critical, it is possible that the situation will become worse.
Normally, more money will be spent during June-July due to school opening. Besides, companies tend to lay off more employees.
The government was urged to provide sources of loan with low interest for people, so that illegal loans would drop and social problems would not rise.
